Apple Pay is on its way

New payment method could make it easier to rack up credit card debt

It’s about to get even easier to spend money. News broke today that Apple is in talks with Canada’s six biggest banks to bring Apple Pay to the Great White North. The tech giant’s mobile payment technology would allow Canadians to use the latest iPhones at checkout counters to digitally pay with the credit and debit cards.

Canada’s banks are forming a consortium to negotiate with Apple ahead of the potential November launch. The banks are concerned about the transaction fees that Apple will collect, as well as security issues that have affected users in the US, where Apple Pay accounted for two-thirds of all contactless payments on the three major credit card networks.

Bankers aren’t the only ones concerned about the coming wave of Apple Pay. Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, is worried that advancements in mobile pay technology will make it easier for Canadians to separate themselves from their money.

“Forking over cash is a very real experience for shoppers – they see it dwindling in their wallet or purse,” says Schwartz. “Shoppers are losing the opportunity to stop and think about what their spending is doing to their bank accounts.”

Schwartz also echoes the security concerns put forth by the banks. Despite advanced security technology, Apple’s efforts to streamline and simplify credit card registration means that some fraudsters are able to exploit vulnerabilities through identity theft.

“It creates another arena in which criminals can ply their trade,” warns Schwartz. “As far as they’re concerned, new technology just means new opportunities for theft.”

Though a potential launch is several months away, Consolidated Credit offers the following tips to protect both your security and your finances, whether you’re using the forth-coming Apple Pay technology or any other form of digital payment:

Keep a close eye on your bank account. Keeping watch over your online statements will protect you in two ways. First, it will allow you to know exactly how much you are spending, making it harder to get carried away and spend recklessly. It will also provide you with an opportunity to monitor for any suspicious transactions that may have resulted from fraud.

Keep a tally. It’s easy to realize that you’re spending cash when it’s disappearing from your wallet. But if you’re racking up a credit card bill, you might lose track of your spending. Use our free online budgeting app and be fully aware of how much money you are parting with. Using your debit card for mobile payments will also help keep you honest.

Check your credit report. It’s a good idea to do a quarterly check on your credit report. Fraudulent activity could be needlessly ruining your credit score, so it is important that you report any issues immediately to your credit bureau. The credit bureaus will send you a free report in the mail – click here for Equifax and here for TransUnion. You can also pay for premium, express credit reports.

Observe a budget.Budgeting is one of the simplest but most effective ways to maximize your income. Set aside strict limits for discretionary spending like entertainment and eating out and stick to those limits, no matter how tempting it might be to tap your credit card or wave your Apple Watch.

“We’re living in a time when technology has made life incredibly convenient and that’s not a bad thing,” adds Schwartz. “But it does require that we be extra diligent to make sure we don’t make ourselves financially vulnerable.”

If over-spending has put you deeper in debt, it’s time to regain control of your finances. Call a trained credit counsellor today at and let them help you figure out a solution that will work. You can also try our free online debt analysis to find out where you stand.

Here are some basic guidelines to help you create a budget by percentage of income and figure out the right budget percentages and a starting point. Remember that based on your individual living style, income, family circumstances, and location, the allocation may vary from person to person...Read full article

Have a financial question?

Our team of experts has the answers you need.

Enter Question Here

Name

Email

City

Province

We take your privacy seriously. By submitting your information above you consent by electronic signature to: receive calls from Consolidated Credit from a live agent, artificial or prerecorded voice, and/or SMS text (standard cellular rates may apply) at my residential or cellular number, dialed manually or by autodialer. I understand that I am under no obligation to purchase anything.

GoDaddy Verified Website

Open popup window about Canadian Association of Credit Counselling Services (CACCS)

Open popup window about the Toronto Board of Trade.

Open popup window about the accreditation by the Canadian Centre for Accreditation

Consolidated Credit Carries an A+ rating by the Better Business Bureau

Open popup window about: We are proud members of the Ontario Association of Credit Counseling Services (OACCS).

Share Your Own Personal Debt Story Today!

Tell us a little about your story below. Explain what caused your challenges with debt and what solution you used to overcome them. We may contact you for an interview to get the full story if we decide to publish your story here to help others in similar situations!

We take your privacy seriously. By submitting your information above you consent by electronic signature to: receive calls from Consolidated Credit from a live agent, artificial or prerecorded voice, and/or SMS text (standard cellular rates may apply) at my residential or cellular number, dialed manually or by autodialer. I understand that I am under no obligation to purchase anything.

GoDaddy Verified Website

Open popup window about Canadian Association of Credit Counselling Services (CACCS)

Open popup window about the Toronto Board of Trade.

Open popup window about the accreditation by the Canadian Centre for Accreditation

Consolidated Credit Carries an A+ rating by the Better Business Bureau

Open popup window about: We are proud members of the Ontario Association of Credit Counseling Services (OACCS).

Request a free, confidential evaluation with a certified credit counselor

Thank you for your application!

Open popup window about our GoDaddy verification as valid business and owner of www.ConsolidatedCredit.org

Open popup window about Canadian Association of Credit Counselling Services (CACCS)

Consolidated Credit has helped over 6.5 million people find relief from debt. Now we're here to help you.

A Certified Credit Counselor will be calling you at the number you provided. They'll complete your free debt and budget analysis, then discuss the best options for getting out of debt with you. If you qualify to enroll in a debt management program, your counselor can also help you enroll immediately.

I consent to receive electronic messages via email and to my mobile device from Consolidated Credit regarding products and services (including tips, newsletter and promotions). You can withdraw your consent at any time.

We take your privacy seriously. By submitting your information above you consent by electronic signature to: receive calls from Consolidated Credit from a live agent, artificial or prerecorded voice, and/or SMS text (standard cellular rates may apply) at my residential or cellular number, dialed manually or by autodialer. I understand that I am under no obligation to purchase anything.

GoDaddy Verified Website

Open popup window about Canadian Association of Credit Counselling Services (CACCS)

Open popup window about the Toronto Board of Trade.

Open popup window about the accreditation by the Canadian Centre for Accreditation

Consolidated Credit Carries an A+ rating by the Better Business Bureau

Open popup window about: We are proud members of the Ontario Association of Credit Counseling Services (OACCS).

Get a Personalized Housing Consultation Today!

Get a personal one-on-one housing counseling session with one of our U.S. HUD certified housing counselors.

Consolidated Credit Carries an A+ rating by the Better Business Bureau

We have an excellent EIFLE rating

First Name

Last Name

Email

State

Phone

Alt Phone

Best time to call

Preferred Language

We take your privacy seriously. By submitting your information above you consent by electronic signature to: receive calls from Consolidated Credit from a live agent, artificial or prerecorded voice, and/or SMS text (standard cellular rates may apply) at my residential or cellular number, dialed manually or by autodialer. I understand that I am under no obligation to purchase anything.

GoDaddy Verified Website

Open popup window about Canadian Association of Credit Counselling Services (CACCS)

Open popup window about the Toronto Board of Trade.

Open popup window about the accreditation by the Canadian Centre for Accreditation

Consolidated Credit Carries an A+ rating by the Better Business Bureau

Open popup window about: We are proud members of the Ontario Association of Credit Counseling Services (OACCS).

Get a Personalized Housing Consultation Today!

Get a personal one-on-one housing counseling session with one of our U.S. HUD certified housing counselors.

Consolidated Credit Carries an A+ rating by the Better Business Bureau

We have an excellent EIFLE rating

First Name

Last Name

Email

Phone

Alt Phone

State

Time to call

Preferred Language

Address Information

Address

Address 2

City

State

Zip Code

County

Housing Information

Home Value

Mortgage Balance

Years Living at Property

Are you working with a lender?

If you answered “Yes” above, please fill out the next 3 questions as well

Company / Lender Name

Loan Officer / Broker Name

Lender / Loan Officer Phone Number

Special Notes or Special Request

We take your privacy seriously. By submitting your information above you consent by electronic signature to: receive calls from Consolidated Credit from a live agent, artificial or prerecorded voice, and/or SMS text (standard cellular rates may apply) at my residential or cellular number, dialed manually or by autodialer. I understand that I am under no obligation to purchase anything.

GoDaddy Verified Website

Open popup window about Canadian Association of Credit Counselling Services (CACCS)

Open popup window about the Toronto Board of Trade.

Open popup window about the accreditation by the Canadian Centre for Accreditation

Consolidated Credit Carries an A+ rating by the Better Business Bureau

Open popup window about: We are proud members of the Ontario Association of Credit Counseling Services (OACCS).

Register for this Seminar

After registering, you will receive a confirmation email.

Thanks for Registering!

You should receive email confirmation shortly.

Open popup window about our GoDaddy verification as valid business and owner of www.ConsolidatedCredit.org

Open popup window about Canadian Association of Credit Counselling Services (CACCS)

Name

Date

Just as a reminder, the workshop will be held at our home office in Fort Lauderdale, FL.

5701 West Sunrise Blvd. Fort Lauderdale, FL 33313

If you have any questions about the workshop or need more information, don't hesitate to call us at 954-377-9167.

First Name

Last Name

Phone

Email Address

*Please check your Spam folder for the confirmation email after you register*

We take your privacy seriously. By submitting your information above you consent by electronic signature to: receive calls from Consolidated Credit from a live agent, artificial or prerecorded voice, and/or SMS text (standard cellular rates may apply) at my residential or cellular number, dialed manually or by autodialer. I understand that I am under no obligation to purchase anything.

GoDaddy Verified Website

Open popup window about Canadian Association of Credit Counselling Services (CACCS)

Open popup window about the Toronto Board of Trade.

Open popup window about the accreditation by the Canadian Centre for Accreditation

Consolidated Credit Carries an A+ rating by the Better Business Bureau

Open popup window about: We are proud members of the Ontario Association of Credit Counseling Services (OACCS).